Depozit provides point-of-sale hardware that enables biometric payment authentication, eliminating the need for wallets or phones. Their system allows customers to pay using fingerprint or facial recognition, offering a faster and more secure checkout experience.
Funding
Funding not disclosed
Founders
Product
Problem
Traditional payment methods like cash and credit cards can be cumbersome for both consumers and businesses, leading to slower checkout times and higher transaction fees. Consumers often struggle with managing spare change, while businesses face challenges in handling cash and paying high credit card processing fees.
Solution
Depozit offers a biometric payment solution that streamlines the checkout process by enabling customers to pay using fingerprint or facial recognition, eliminating the need for wallets, phones, or cards. The system digitizes cash transactions, allowing consumers to exchange coins for digital currency, gift cards, or other rewards, while also enabling them to grow a digital piggy bank. For businesses, Depozit reduces the need for frequent bank trips, lowers transaction fees compared to credit cards, and accelerates payment processing, ultimately saving time and increasing customer throughput. The Depozit hardware installs quickly and integrates with existing point-of-sale systems.
Target Audience
Depozit targets retail businesses looking to reduce transaction fees and streamline the checkout process, as well as consumers seeking a faster, more convenient, and rewarding payment experience.
Features
- Biometric authentication via fingerprint or facial recognition for secure and fast payments
- Digital coin exchange functionality, allowing users to convert spare change into digital value
- Digital piggy bank feature for consumers to save and earn rewards
- Reduced transaction fees for businesses compared to traditional credit card processing
- Simplified cash management for businesses, minimizing trips to the bank
- Fast hardware installation and integration with existing POS systems